Financial Daily from THE HINDU group of publications
Friday, Nov 01, 2002
Money & Banking
Corporate Results - Private Banks
ICICI Bank posts Rs 285-cr consolidated net profit
MUMBAI, Oct. 31
ICICI Bank Ltd has reported a net profit of Rs 285.3 crore for the second quarter of 2002-2003.
The results for the quarter are not comparable as they include the financials of ICICI Ltd and its subsidiaries, ICICI Personal Financial Services Ltd and ICICI Capital Services Ltd, which have been amalgamated with ICICI Bank Ltd with effect from March 30, 2002.
In the first quarter of the year, the bank reported a net profit of Rs 253 crore.
Interest earned during the quarter was Rs 2,279.78 crore and other income Rs 1,722.51 crore.
The bank's customer assets as on September 30, 2002 were Rs 58,400 crore against Rs 57,500 crore as on March 31, 2002. Corporate assets fell by Rs 5,000 crore due to sell-down of loans as part of the bank's strategy of churning its portfolio.
However, the retail assets increased by about Rs 5,800 crore (up by 35 per cent) to Rs 13,500 crore. Retail assets constitute 13 per cent of total assets and 22 per cent of customer assets compared to seven per cent of total assets and 13 per cent of customer assets as on March 31, 2002.
"The growth in retail assets reflects the bank's leadership across product segments,'' ICICI Bank said in a news release.
During the second quarter, ICICI Bank's retail approvals were Rs 6,200 crore and disbursements Rs 4,800 crore. Home loan approvals accounted for Rs 3,770 crore and disbursement Rs 2,370 crore. The bank claims to have reached a leadership position in home loan approvals during first half of 2002-2003.
"We have been growing better than our budgeted growth especially in terms of our retail assets. We expect the growth to be linear and continuous through the next quarter,'' Mr H.N. Sinor, Joint Managing Director, ICICI Bank, said.
During first half of the year, ICICI Bank repaid Rs 11,000 crore of the erstwhile ICICI's liabilities. It has made accelerated/additional provisions and write-offs of Rs 1,686 crore against loans and other assets relating to ICICI's portfolio.
As on September 30, 2002, deposits constituted 42 per cent of the bank's funding compared to 35 per cent as on March 31, 2002.
The bank's net non-performing assets were Rs 2,879 crore as on September 30, 2002, constituting 4.9 per cent of customer assets. The bank's standard assets included net restructured assets of Rs 5,767 crore.
Until the end of the first half period, the bank had a provision coverage of 6.5 per cent against corporate standard assets, indicating the strength of the bank's balance sheet.
Capital adequacy of the bank as on September 2002 was 12.32 per cent (including Tier-1 capital adequacy of 8.05 per cent).
For the half-year period, ICICI Bank's net profit was Rs 538.2 crore and total income Rs 6,856.91 crore (Rs 1,156.28 crore).
ICICI Bank has reported a consolidated profit after tax of Rs 506 crore for the first half of 2002-2003 including the results of subsidiaries and affiliates of erstwhile ICICI that became subsidiaries of the bank on the merger. The bank had no subsidiaries at September 30, 2001.
The consolidated profit was lower than the bank's standalone profit due to the loss incurred by ICICI Prudential Life Insurance Company Ltd which had an impact of Rs 50 crore on the bank's consolidated profit.
The bank's general insurance subsidiary ICICI Lombard General Insurance Company Ltd achieved financial break even during Q2-2003. ICICI Securities & Finance Company Ltd earned a profit after tax of Rs 45 crore in the first half of the year.
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